Self Drive Car Company Zoom Raises Additional $1 mn Seed Funding

zoomSelf drive car company Zoom has raised an additional $1 mn of seed funding in a round led by New York based Empire Angels, according to a new report. The company has raised a total of $1.6 mn including investments from angels that were announced earlier.

Besides Empire Angels, San Francisco based VC firm Funders Club, Basset Investment Group and a few other individuals have invested in the company, Techcircle reported. “We have had a rolling close, with over $600,000 having been raised previously and almost $1 million raised now,” Zoom Co-founder David Back told Techcircle.

In July, the company had raised $200,000 from angel investor Rajkumar Elango.

In April, the company announced that it had raised $230,000 from high net worth investors and angel groups in the US, UK, and India. Marquee investors who participated in the round in January include the Empire Angel Group based out of New York and Barbara Thomas, Lady Judge from UK.

Zoom is a membership-based, hyper-local self-drive service that allows individuals to hire cars on hour or daily basis. Zoom charges customers on an hourly and daily basis

Former United States treasury secretary Larry Summers joined the Zoom’s advisory board in June. Before this round, Zoom had raised $325,000 from marquee investors.

The market for car rental services in India is getting competitive. Recently, US based car hire company Uber launched in Bangalore. In June, online aggregator for cab rental services,Taxiforsure, raised $4 mn in a series A round.

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